董水量臺灣大學：會計學研究所王蘭芬Wang, Lan-FenLan-FenWang2007-11-282018-06-292007-11-282018-06-292005http://ntur.lib.ntu.edu.tw//handle/246246/61749類似Jackson和Wilcox (2000)的研究，這篇論文將檢視經理人是否會在期末給予較寬鬆的信用政策，誘使下游配銷商客戶超額購買，進而達到避免報導損失的目的。進一步地，再觀察這樣的盈餘管理方式，是否會使得盈餘的資訊性降低，而未預期的應收帳款科目在這樣的情形下，能否提供額外的資訊給報表使用者。 由實證的結果發現，公司經理人是有可能為達到年度財務報導目標，而在年底給予較寬鬆的信用條件。這樣的盈餘操縱手法，會傷害到盈餘的資訊性，降低市場報酬率和盈餘的關連性。最後，這篇論文的結果亦顯示出，未預期的應收帳款科目在這樣的情形下，是可以傳達額外的資訊給報表使用者。這些實證結果都和原先的預期相符。Similar to Jackson and Wilcox (2000), this study investigates whether managers give extended credit terms at the end of year to accelerate distributors purchases and, as a result, avoid reporting losses. This study also investigate whether this kind of earnings management affects the informativeness of earnings, and whether a relatively reliable measure of management’s exercise of channel stuffing over earnings--unexpected accounts receivable (UAR)--can provide incremental information under this phenomenon. Consistent with expectations, I find that firm managers are likely to grant extended credit terms at the end of year to meet annual financial reporting target, and this kind of manipulation reduces the association between returns and earnings. Finally, my results also show that under this phenomenon, UAR can provide incremental information.Contents Abstract .................................................i 1.Introduction ...........................................1 2.Hypotheses Development .................................3 2.1 Channel stuffing in Taiwan ...........................3 2.2 Incentives for managers to meet simple benchmarks ....5 2.3 Using channel stuffing to avoid reporting losses .....6 2.4 Earnings informativeness .............................7 3.Research Design ........................................9 3.1 The CS and non-CS portfolios .........................9 3.2 Univariate analysis of small positive earnings ......11 3.3 Probit analysis of small changes for CS vs. non-CS portfolios ..........................................12 3.4 Discretionary accruals for channel stuffing .........15 3.5 The effect of giving extended credit on earnings informativeness .....................................16 3.5.1 The implication of earnings management for future earnings ..........................................16 3.5.2 The effect of earnings management on the informativeness of earnings .......................20 4.Data and Sample Selection .............................23 5.Results ...............................................27 5.1 Univariate tests of earnings distribution around zero ................................................27 5.2 Probit tests ........................................30 5.3 Discretionary accruals for channel stuffing ................................................32 5.4 The effect of earnings management on earnings informativeness .....................................35 6.Conclusions ...........................................39 References...............................................41 Appendix A...............................................44 Appendix B...............................................45 Tables Table 1: The CS portfolio: Next year’s relative performance by groups formed around the zero threshold of the formation year’s earnings (ROA) ...................................................18 Table 2: The non-CS portfolio: Next year’s relative performance by groups formed around the zero threshold of the formation year’s earnings (ROA) ...................................................19 Table 3: Descriptive Statistics for sample of 5,739 observations for the years 1990-2003 ....................26 Table 4: Firm-years with ROA in the interval just below zero and just above zero by two port- folios ..................................................29 Table 5: Probit model of earnings management for firms avoiding losses through channel stuffing, 1990-2003 ....................................................31 Table 6: Abnormal accrual (UAR) for two portfolios across the interval around zero ................................32 Table 7: Regression results of returns on the level of earnings and the change of earnings .....................37 Table 8: Regression results of UAR’s incremental informativeness .........................................38 Figures Figure 1: Empirical distribution of ROA, income before extraordinary items divided by total assets at the beginning of the year ...................................28 Figure 2: The CS portfolio’s discretionary accrual (UAR) measured across ROA classes .............................34 Figure 3: Empirical distribution of △ROA, current year’s less previous year’s income before extraordinary items, divided by total assets at the end of the previous year ....................................................44 Figure 4:The non-CS portfolio’s discretionary accrual (UAR) measured across ROA classes .................................................45296123 bytesapplication/pdfen-US盈餘管理避免報導損失塞貨裁量性應計項目Earnings managementAvoiding reporting losseschannel stuffingDiscretionary accrualsotherhttp://ntur.lib.ntu.edu.tw/bitstream/246246/61749/1/ntu-94-R92722042-1.pdf